Gold Mining in CHINA - Shandong Province
Multi-metal properties in Canada and USA, including gold and molybdenum
Message: Goldrea's partner Molycor Plans 2009 Drilling on Gold Projects/2008
| March 3, 2009 | |||
| Molycor Plans 2009 Drilling on Gold Projects/2008 Company Review | |||
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2009) - Larry W. Reaugh, Chairman and Chief Executive Officer of Molycor Gold Corp. (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) (the "Company"), is pleased to announce the Company plans several drill programs on its British Columbia and Nevada gold properties in 2009. The Company is currently financed to conduct drilling on its 100% owned Windpass property located 8 km east of Little Fort, British Columbia and its 50% owned (Goldrea Resources Corp. ("Goldrea") 50%) Flap gold property located 25 km west of Kelowna, British Columbia as follows: Windpass Gold Property: Currently the Company is formulating a diamond drill program entailing approximately six holes. The property has eighteen gold zones (two of which produced, 34,456 ounces of gold from 102,946 tonnes from 1933 - 1939). Prior trench sampling on three of the gold zones returned 36.94 grams Au/t (1.08 opt Au) over 4 meters (13.1 ft), 11.33 grams Au/t over 0.59 meters (1.9 ft) and 44.97 grams Au/t (1.32 opt Au) over 0.10 meters (0.32 ft) on the North, Sleet and Weather Station Zones. Flap Gold Property (50% Molycor / 50% Goldrea): The Company plans approximately 6 - 10 reverse circulation drill holes on the Flap stockwork gold zone measuring 300 x 200 meters (885 ft x 666 ft). Earlier drilling and trenching by Rea Gold Corp. returned up to 76.73 grams Au/t (2.25 opt Au) over 1 meter (3.3 ft) in diamond drilling and 17.8 - 25.6 grams Au/t (0.5 - 0.75 opt Au) in chip samples from the surface (reported by Gary Medford PhD/Rea Gold Corp. ("Rea") Feb. 18, 1989). The diamond drill program by Rea was biased negatively due to the nugget effect in the mineralization. Subsequent surface trenching by the Molycor/Goldrea Joint Venture returned up to 3.10 g/t (0.091 opt Au) over 6 meters (19.7 ft). The Company expects larger diameter reverse circulation drill holes will better define the distribution of gold in the system and may partially reduce the nugget effect allowing the companies to better evaluate the gold bearing stockwork. Davis Gold Project, Nevada: Subsequent to financing, the Company plans to drill their 100% owned Davis Gold Property located 13 km south east of Gabbs, Nevada. Drilling of 7 holes (898 meters) (2,945 ft) in 2008 returned grades of up to 3.53 grams (0.102 opt Au) over 4.24 meters (13.91 ft) (see press release dated November 24, 2008) along a 200 meter strike length. The mineralization is open to the north, to the south and depth. The Davis property contains a historical resource of 33,000 ounces gold and 270,000 ounces of silver (USS Ram Report) (Where historical estimates are referred to, the Company has no classification of the resource or reserve, and the Company has not obtained enough of the original data and has not done the work necessary to verify the classification of a resource or reserve. The Company is not treating the estimates as a NI 43-101 defined resource or reserve verified by a Qualified Person, and the historical estimate should not be relied upon). Drilling will also be initiated on the Butler Zone 1,000 meters east of the Davis Zone. The Butler Zone has an estimated strike length of 2,200 meters with outcrop samples up to 3 grams Au/t and mine-dump grab samples up to 12 grams Au/t. REVIEW Over the past 18 months the Company has had two significant discoveries on specialty metal exploration properties as follows: Empress Molybdenum Discovery (50/50 Joint Venture with Goldrea Resources Corp.) Drilling of 19 BQTW diamond drill holes (3,493 meters) (11.470 ft) was completed on a high grade near surface molybdenum discovery near Summerland, British Columbia. N. Tribe & Associates Ltd. completed a NI 43-101 resource study in November, 2008. The results are as follows: --------------------------------------------------------------------------
0.02% Mo Cut-off 0.05% Mo Cut-off
--------------------------------------------------------------------------
Indicated 3,996,155 tonnes @ 0.0605% Mo 1,703,000 tonnes @ 0.094% Mo
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Inferred 3,498,000 tonnes @ 0.0619% Mo 1,657,498 tonnes @ 0.094% Mo
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Tami Mosi Magnesium Discovery: A significant discovery of Magnesium was found on the 100% owned Tami Mosi project located 6.5 miles south of Ely, Nevada. Nine diamond drill holes were completed. These ranged from 27.5 meters (90 ft) grading 10.5% Mg (17.12% MgO), to 164.63 meters (540 ft) grading 11.4% Mg (18.60% MgO), reporting Mg values over a 2,600 meter (8,500 ft) strike length (see press releases dated March 14, 2008 and January 20, 2009). Most of the drill holes ended in mineralization. The deposit remains open to the north along strike and to depth. The Company engaged Teck Cominco Global Discovery Labs to analyze a 9.2 meter (30 ft) section of hole #TM-07-13, from 270 - 300 feet (82.3 m - 91.5 m), for purity of the dolomite. Hole #TM-07-13 averaged 11.4% Mg (18.6% MgO) over 164.4 meters (540 ft). Results returned a high purity form of dolomite that is virtually identical with the National Bureau of Standards ("NBS"), "Standard 88B". ----------------------------------------------------------------
Si02 Ti02 Al203 Fe203 Mn0 Mg0 Ca0
Sample % % % % % % %
----------------------------------------------------------------
Hole #TM-07-13 1.25 0.01 0.22 0.10 0.01 20.95 29.91
270ft - 300ft
----------------------------------------------------------------
NBS 1.15 0.02 0.35 0.30 0.07 21.14 29.79
"Standard 88B"
----------------------------------------------------------------
---------------------------------------------------------
Na20 K20 P205 Ba L0I Total
Sample % % % % % %
---------------------------------------------------------
Hole #TM-07-13 0.01 0.01 less less 46.78 99.27
270ft - 300ft than than
0.01 0.01
---------------------------------------------------------
NBS 0.01 0.03 0.01 less 46.93 99.80
"Standard 88B" than
0.01
---------------------------------------------------------
--------------------------------------------------------------------------- COMPOSITION OF DOLOMITES (wt%) --------------------------------------------------------------------------- Deposit MgO CaO FeO3 + A12O3 SiO2 --------------------------------------------------------------------------- Sorford, Norway 21.2 30.4 0.10 1.30 --------------------------------------------------------------------------- Tochigi, Japan 17.4 35.1 0.50 0.15 --------------------------------------------------------------------------- Addy, Washington 20.0-21.8 30.0-31.5 1.50 --------------------------------------------------------------------------- Marignal, France 19.0-20.0 32.0-34.0 0.30-0.50 0.20-0.40 --------------------------------------------------------------------------- Haley, Canada 21.3 30.7 0.10 0.15 --------------------------------------------------------------------------- --------------------------------------------------------------------------- (i)NBS "Standard 88B" 21.14 29.79 0.65 1.15 -------------------------------------------------------------------------- (i)Tami Mosi, Nevada 20.95 29.91 0.32 1.25 --------------------------------------------------------------------------- (i) Not included in the Composition of Dolomite report by Magnesium.com. N. Tribe & Associates Ltd. has been engaged to compile the NI 43-101 resource estimate for the Tami Mosi Magnesium project. About Magnesium Magnesium is a widely used industrial metal categorized by its light weight. The metal is produced in 2 ways: 1) electrolysing the brine in salt water; 2) smelting high grade ore. The supply of magnesium has undergone dramatic change. The production of the metal from source has almost ceased in Canada and the United States, only one company in Utah remains. The Chinese now produce 7/8 of the world's primary supply. The total world production is estimated at approximately 800,000 metric tonnes (2008 USGS). This distortion of the market has lead to dumping charges and the incidence of an import duty in the United States; this dependence on virtually only one foreign source presents opportunity. The price of magnesium is currently about US$2,800 a metric tonne or US$1.27 lb (minor metals). The metal has enjoyed a favourable price for decades and has reached $6,000/tonne in times of demand. British Columbia Exploration Properties British Columbia Beaverdell Claims / High Grade Silver: Over the past year exploration entailing trenching, geophysics and dump evaluations by Glen Eagle Resource Inc. ("Glen Eagle") which has the right to earn a 70% interest in the property, has confirmed the presence of high grade silver in trench and dump samples. Glen Eagle has identified three areas suitable for diamond drilling. Glen Eagle has not submitted a plan for exploration this season. Past production as reported by the British Columbia Minister of Mines was: 1,637,409 ounces of silver at 183 oz Ag/t or 5,691.3 g Ag/t 1,084,435 pounds of lead at 6.06% 1,550,262 pounds of zinc at 8.67% 375 oz of gold at 0.042 oz/t or 1.3 g/t Production was achieved by processing 8,942 tons from 1906 - 1961. The Beaverdell property remains a high priority for Molycor. British Columbia Dobbin I Platinum/Palladium/Copper Claims (50/50 Joint Venture with Goldrea Resources Corp.): Significant Copper/platinum and palladium mineralization has been encountered by the joint venture companies on three separate drill programs beginning in 1997. The programs entailing 28 drill holes returned significant values of platinum ("Pt)/palladium ("Pd")/copper ("Cu") with Hole #97-21 having up to 2.265 g/Pt + Pd and 0.54% copper over 15 meters (49.2 ft) and 0.841 grams Pt + Pd and 0.19% Cu over 105 meters (344.4 ft). The drill program encompassed three zones, the Central (22 holes), Kenny 2000 (2 holes) and North Zone (4 holes). The best results were obtained in the Central Zone as above. The Dobbin II claims are contiguous to the Flap claims on the north west and the Dobbin I claims on their southern boundary. British Columbia Dobbin II/Tadpole Lake Molybdenum Claims (50/50 Joint Venture with Goldrea Resources Corp.): The Tadpole Lake Molybdenum property was held by Cominco from 1977 - 1997. Cominco carried out three separate drill programs completing 73 percussion drill holes totaling 3,800 meters (19,026 ft). The property hosts a quartz stockwork zone measuring 1,000 x 1,500 meters (3,300 x 4,900 ft). The Cominco drilling returned up to 0.063% Mo over 56 meters (184 ft). Molycor and Goldrea completed 1,146 meters (3,758 ft) in ten diamond drill holes returning up to 0.408% Mo over 3.3 meters (10 ft). The claims including, Dobbin I, II and Flap are in good standing until December, 2016. British Columbia Crowrea Molybdenum Project (50/50 Joint Venture with Goldrea Resources Corp.): High Grade molybdenum was discovered by the Joint Venture companies in 1995. Subsequent drilling in 1995, 1996 and 2005 returned 4.6 meters (15 ft) grading 2.83% Mo in Hole #96-14-56, 39.02 meters (128 ft) grading 0.164% Mo in Hole #95-3-9 and 10.60 meters (35 ft) grading 0.282% Mo. The Crowrea project is located 8,000 meters (12,800 ft) east of the Empress Project within the same claim block. Nevada Gold Exploration Properties 1. Ridge Top (1,160 acres): The property is located 16 miles southeast of Ely, Nevada. Exploration in 2006 identified three separate gold anomalies over 500 and 1,100 meters. The third zone measures 150 x 60 meters (490 x 200 ft) with assays in all three zones ranging from 0.67 to 1.03 g/t gold. Drill permits have been received for 12 reverse circulation holes totalling 8,000 feet (3,439 m). 2. TKO Hot Dog Ridge (680 acres): The property is located 14 miles southeast of Ely, Nevada. Two zones have been identified with the TKO North Zone measuring 1,500 meters and grading up to 2.67 g/t gold in outcrops and the Jasper Crossing Zone measuring 500 meters with values up to 0.35 g/t gold. Drill permits have been received for 9 reverse circulation holes totalling 6,000 feet 1,829 m). 3. Silverado Property (2,600 acres): The property is located on the south end of the Battle Mountain - Eureka Gold Trend 12 miles southeast of Barrick's 2 million ounce Archimedes gold deposit. Three patents purchased by the Company contain dumps which returned grab samples up to 128.7 oz/t Ag (4002.57 g/t Ag). Reconnaissance rock sampling by Molycor returned up to 23 oz/t Ag (715.3 g/t Ag) and 30% combined lead/zinc. 4. Griffin Gold Property (1,238 acres): located 45 miles southeast of Eureka, Nevada. The property contains the past producing Griffin Mines 90,000 oz gold produced from two open pits. The Company believes the potential exists for gold mineralization at depth. The Company will be actively pursuing joint venture partners on its Nevada gold properties. This news release was reviewed by John W. Fisher, P.Eng, a qualified person under NI 43-101. On Behalf of Management Larry W. Reaugh, Chief Executive Officer For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. website at www.molycor.com. |
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